KUALA LUMPUR: BERJAYA CORPORATION BHD net profit for the second quarter ended Oct 31, 2010 jumped 66.9% to RM86.54 million from RM51.83 million a year ago.

The better performance was due mainly to write-back of impairment in value of investment in associated companies and gain on disposal/partial disposal of subsidiary companies as well as gain arising on accretion of interest in an associated company and lower finance costs.

BJCorp said on Thursday, Dec 30 its revenue for the quarter rose 6.2% to RM1.72 billion from RM1.62 billion in 2009. Earnings per share were 1.97 sen while net assets per share was RM1.39.

It said the increase in revenue was mainly due to higher revenue contribution from the direct selling, retail and distribution business, higher property sales reported by the property development and investment division and higher agency sales registered by the general insurance business in the current quarter.

For the six months ended Oct 31, its net profit rose 231% to RM212 million from RM91.73 million, while revenue increased to RM3.46 billion from RM3.23 billion in 2009.

BJCorp said barring unforeseen circumstances, the company’s operating performance for the remaining quarters of the financial year ending April 30, would remain satisfactory.

It told Bursa Malaysia the higher profit was mainly due to RM32.64mil write-back of impairment in value of investment in associated companies and gains on disposal/partial disposal of subsidiary companies as well as gains from accretion of interest in an associated company and lower finance costs.

Revenue for the period rose 6.2% to RM1.72bil.

In a separate statement, BCorp announced that it had appointed Datuk Robin Tan Yeong Ching as chief executive officer effective Jan 1, 2011.

He replaces his father, Tan Sri Vincent Tan Chee Yioun, who has been redesignated as chairman.